Fortune Brands Innovations (NYSE:FBIN) Stock Price Down 3.9%

Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) were down 3.9% on Tuesday . The stock traded as low as $64.47 and last traded at $64.50. Approximately 305,269 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,108,853 shares. The stock had previously closed at $67.12.

Wall Street Analyst Weigh In

Several analysts have issued reports on FBIN shares. Evercore ISI lowered their target price on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Robert W. Baird boosted their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $80.38.

Fortune Brands Innovations Stock Performance

The firm has a 50 day moving average of $70.51 and a 200-day moving average of $76.06. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The company has a market cap of $8.15 billion, a P/E ratio of 19.93, a PEG ratio of 1.76 and a beta of 1.57.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. Fortune Brands Innovations’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.69 earnings per share. As a group, sell-side analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, May 23rd. This represents a $0.96 dividend on an annualized basis and a yield of 1.47%. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Institutional Trading of Fortune Brands Innovations

Hedge funds have recently bought and sold shares of the stock. Choreo LLC purchased a new stake in Fortune Brands Innovations during the fourth quarter worth $422,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Fortune Brands Innovations by 24.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,137 shares of the company’s stock valued at $4,607,000 after purchasing an additional 12,217 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Fortune Brands Innovations by 383.5% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 39,596 shares of the company’s stock valued at $3,015,000 after purchasing an additional 31,406 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Fortune Brands Innovations by 3.6% during the 4th quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock valued at $47,237,000 after purchasing an additional 21,517 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Fortune Brands Innovations by 9.0% during the 4th quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock valued at $64,075,000 after purchasing an additional 69,502 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.